Cash flow can be a big issue for a small practice. There are numerous causes for cash flow problems, including rising operational costs, too much inventory, and the need to invest in medical equipment to treat patients in a growing practice. But three of the biggest reasons for cash flow issues in a medical office are:
- Getting behind on paperwork. You can’t get paid if the insurance company doesn’t know they owe you money. That’s why paperwork is such a high priority in a medical office, but it’s also an enormous task that takes away from the overall focus of patient care.
- Bad patient debt. Some patients are simply unable to pay their medical bills; they may end up owing more than they thought after insurance or simply are unwilling to pay their medical bill because they prioritize other expenses.
- Slow repayment from insurance companies. Insurance companies are giving longer and longer repayment terms to medical offices, meaning that the payments you receive could come months after you initially rendered the services.
How to Eliminate Cash Flow Problems
Outsourcing your medical billing in Texas to a company like Edge Billing and Consulting could help to severely decrease the cash flow problems that your practice experiences. Here is how:
Billing is processed faster and with fewer errors.
The longer it takes for the paperwork to get done, the longer it’s going to take you to get paid. Turning your billing over to a dedicated medical billing team can speed up the entire process. Instead of trying to carve out time in your in-house staff’s already-busy day, our team will take care of it. Edge is staffed by experienced medical billers who have one goal: to get you paid. They’ll be able to process your paperwork faster because it’s all that we do. It can reduce the error rate in your claim, too, because our team has years of experience in the field. Fewer errors mean you’ll be waiting for fewer claims.
A higher rate of paid claims from patients.
The sooner you can get a bill to a patient, the better the chance is that they’ll pay it. Patients are far less likely to pay for a medical service they received months ago than they are to pay for one that’s still fresh in their mind. When a bill arrives months later, they might not even remember what the service was for and end up tossing it in the mail. After that, it’s more of your time and money being spent trying to track that payment down. Our team will not only make sure patient bills are sent out in a timely manner, but we can help decrease bad debt by following up on non-payments in an effective manner.
Faster reimbursement of claims from insurance companies.
Insurance companies love when you take a long time to submit your claims. The longer you wait, the longer they’ll have to pay. Repayment terms are getting longer and longer all the time, so you really don’t have any time to lose when it comes to getting your claims in. Our team will make sure that your claims are submitted to the insurance companies in a timely manner so you can get reimbursed for claims faster. And because our error rates are low, there will be fewer denied claims coming back to haunt you and throw off your cash flow.
Ready to Reduce Cash Flow Issues in Your Practice?
Partnering with an experience medical billing company can help you get the cash flow that you need in order to gorw your practice. With the right cash flow, you can increase staff, purchase needed medical equipment, and see your practice thrive. It’s one of the reasons billing is one of the most important parts of a medical practice, but one that’s best suited to being outsourced. We’d love to show you what outsourcing your medical billing can do to help increase your cash flow. Get in touch with a member of the Edge team today and ask for a demonstration of our services. You can give us a call or fill out the form on our website and a member of our team will get back with you as soon as possible.